Shares in Barclays are currently up 3.5 per cent at 172.30p, while shares in HSBC are up 0.7 per cent at 587.50p, Lloyds Banking Group is up 2.1 per cent at 57.60p and Standard Chartered is up 0.9 per cent at 632.2p.

"Central banks were, according to the script, supposed to be edging away from more stimulus," said Chris Beauchamp, chief market analyst at IG. "The Bank of Japan has proved this theory to be incorrect; while it didn't go for the 'shock and awe' approach it has made a remarkably open-ended commitment to its own version of 'whatever it takes'."

"RBS is very much languishing," said Henry Croft, research analyst at Accendo Markets. "While peers are enjoying another round of drinks at the accommodative policy party, RBS is being turned away at the door."

Meanwhile, banks across Europe more broadly have also reacted favourably to the news from Japan. The Euro Stoxx 600 banks index is currently up 2.2 per cent, although it is still 21.8 per cent lower compared with the same time last year.